Where property is specifically bequeathed to two or more persons in succession, it shall be retained in the form in which the testator left it, although it may be of such a nature that its value is continually decreasing.
Illustrations:
(i) A, having lease of a house for a term of years, fifteen of which were unexpired at the time of his death, has bequeathed the lease to B for his life, and after B's death to C. B is to enjoy the property as A left it, although, if B lives for fifteen years, C can take nothing under the bequest.
(ii) A, having an annuity during the life of B, bequeaths it to C, for his life, and, after C' s death, to D. C is to enjoy the annuity as A left it, although, if B dies before D, D can take nothing under the bequest.
Legal Commentary & Landmark Judgments: Section 147
Section 147 provides for the retention in form of a specific bequest made to several persons in succession where the property is not of a wasting or perishable nature.
Where immovable property or heirloom jewelry is bequeathed to 'A for life, remainder to B', counsel for the remainderman should ensure the life-tenant executes an inventory under Section 147; the property cannot be sold or mortgaged by A.